Transfer 1,000 USD from Islamic Bank (USD) to Bank of Palestine (NIS), equivalent NIS 3,500 (a) What

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Transfer 1,000 USD from Islamic Bank (USD) to Bank of Palestine (NIS), equivalent NIS 3,500

(a) What are the journal entries you will record for this transfer between banks, given that there is 20 USD as bank transfer commission?

(b) Write the journal entries to recognize transfer 1,000 USD from the university cash box USD, to the university cash box 3,500 NIS. That is transfer without any commission.

Related Book For answer-question

Government and Not for Profit Accounting Concepts and Practices

ISBN: 978-1118155974

6th edition

Authors: Michael H. Granof, Saleha B. Khumawala

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Posted Date: Jul 17, 2022 12:40 AM

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Transfer 1,000 USD from Islamic Bank (USD) to Bank of Palestine (NIS), equivalent NIS 3,500 (a) What

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Government and Not for Profit Accounting Concepts and Practices

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